1. An always laughing out loud person
2. A 'tard(an always laughing out late person)
3. a person not knowing why the fuck she is laughing out at(a laughing out lost)

Abwoat:
"Say Coasty, I banged that boobasssChelsee last night but why the hellafuck was she all the time laughing out loud, is she 'tard or sum drugstoned?"
Coastello:
"She is a lol, she can't help, her mother like the same as her, motherfucking bitches!"

Actually laughing out loud. With the inclusion of 'lol' into our vocabulary, it has become impossible to tell if someone is actually laughing out loud. Now we have a'lol, until that gets raped and overused too..

Actually laugh out loud. Started in World of Warcraft, Runescape, and Entropia Universe. The reasoning behind this acronym is from people texting lol, and then not actually laughing out loud as they could not be heard over the game audio. Those that actually laugh during an online joke would text alol, as in , I am actually laughing out loud.